Table of contents
- The dramatic fall of a historic company
- Not an isolated case: M&S and Co-op also hit
- The rise of ransomware-as-a-service
- Prevention is the only real shield
- A warning to all
The dramatic fall of a historic company
Knights of Old, a haulage company founded back in 1865 in Northamptonshire, UK, closed its doors in 2023 following a massive ransomware attack.
Based in Kettering (Northamptonshire), the company boasted 730 employees and a solid reputation. But not even 160 years of experience could withstand the destructive power of cyber crime.
“We felt we were in a really good place regarding our IT security,” said former director Paul Abbott. But perception clashed with reality.
Key financial data was corrupted, preventing the firm from meeting reporting deadlines set by funders. Despite manual efforts to stay operational, the damage was irreversible. Knights of Old filed for administration.
Not an isolated case: M&S and Co-op also hit
Knights of Old isn’t alone. Retail giant Marks & Spencer and the Co-op, one of the UK’s leading cooperatives, have also been seriously disrupted by recent attacks. Larger firms may have more funds to recover, but no one is immune.
Cyber security expert Tash Buckley from Cranfield University warns that small and mid-sized companies are especially vulnerable: they lack the resources and in-house expertise.
Meanwhile, larger businesses are prime targets due to the massive ransom payouts they can afford—or are pressured—to pay.
The rise of ransomware-as-a-service
A disturbing trend is fueling the fire: ransomware-as-a-service (RaaS). Cybercriminals now develop malicious code and offer it for sale on the dark web, enabling even non-technical users to launch attacks. Profits from paid ransoms are then shared between developers and attackers.
This “crime-as-a-business model” has made ransomware attacks more frequent, more accessible, and more destructive.
In many cases, attackers not only encrypt systems but also steal data—doubling the pressure on victims to pay up.
Prevention is the only real shield
Abbott’s advice is crystal clear: “Get your systems professionally checked.” No matter how secure you think you are, it’s essential to undergo regular IT audits, keep security systems updated, train employees, and run mock attacks.
One moment of vulnerability is all it takes—and reputation, once lost, is nearly impossible to rebuild. For many companies, especially the smaller ones, an attack can be the end.
A warning to all
The fall of Knights of Old is a stark wake-up call. Cyber security must no longer be seen as just a line in the budget.
It is a vital investment in the survival of any business. Because in today’s world, even 160 years of legacy can vanish overnight.
